Are GBP/USD is trying to bottom?
The world is turning to Washington D.C. this week, as the new presided of the United States will start an historical four year mandate. The work to be done is huge and hope is at the extremes. A new large incentive package is expected shortly, but much time is necessary for the current sharp recession to mitigate.Hope at the extremes, as Mr. Obama taking power
As the new democratic administration is taking power on Tuesday, January 20th, the financial arena is hit by the news that Bank of America will receive additional financial help (a total USD 138 billion) to absorb the troubled Merrill Lynch operations and to provide protection against eventual future losses. So, just few days away from the historical celebrations, the credit crunch tail (is it really the tail?) is once again shaking the banking sector and reminding the world that the work to be done is enormous.
The Obama administration will soon implement a large fiscal package (more than USD 800 billion) to give a boost the economy, albeit a long period of time is required before the recessionary cycle will end. Business and consumer confidence are at a record low. Consumer spending declined almost 4.0% in the third quarter of 2008, the sharpest down move since 1980, and more weakens is expected shortly.
As the new democratic administration is taking power on Tuesday, January 20th, the financial arena is hit by the news that Bank of America will receive additional financial help (a total USD 138 billion) to absorb the troubled Merrill Lynch operations and to provide protection against eventual future losses. So, just few days away from the historical celebrations, the credit crunch tail (is it really the tail?) is once again shaking the banking sector and reminding the world that the work to be done is enormous.
The Obama administration will soon implement a large fiscal package (more than USD 800 billion) to give a boost the economy, albeit a long period of time is required before the recessionary cycle will end. Business and consumer confidence are at a record low. Consumer spending declined almost 4.0% in the third quarter of 2008, the sharpest down move since 1980, and more weakens is expected shortly.
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